TIDMLWRF
RNS Number : 2921K
LightwaveRF PLC
09 April 2018
9 April 2018
LightwaveRF plc
(AIM: LWRF)
Grant of Options
LightwaveRF plc ("LightwaveRF" or the "Company"), the leading
smart home solutions provider, announces that it has granted to
Andrew Pearson, Kevin Edwards and John Shermer, the Executive
Directors of the Company, respectively 500,000, 350,000 and 350,000
share options at an exercise price of 16.0 pence per share in
accordance with the Company's EMI Share Option Scheme.
Provided that they vest, the share options are exercisable three
years after grant. The options will vest in two equal tranches, in
December 2018 and December 2019, after the publication of the
Company's audited financial statements for the financial years
ending 30 September for each of those years. The proportion of the
option award vesting will increase from 10% to 50% provided certain
revenue targets are achieved by the Company with the maximum award
being made at revenue of GBP6.0m and GBP12.0m respectively for the
financial years ending 30 September 2018 and 2019 (the "Performance
Criteria"). Subject to the discretion of the Company's Remuneration
Committee, any options not vesting in any one financial year would
be capable of vesting in a later year provided performance criteria
are met for such later year.
In addition, a further 555,000 options, in aggregate, have been
awarded to certain employees of the Company which are also
exercisable three years after grant provided the price of the
Company's ordinary shares meets or exceeds 40 pence per share.
Following this award, Mr Pearson holds, in aggregate, options
over 900,000 ordinary shares of the Company as follows:
No. of options Exercise price Trigger price Exercise period
for exercise
--------------- --------------- -------------- ----------------
14/02/2020
400,000 13p 40p - 13/02/2027
--------------- --------------- -------------- ----------------
06/04/2021*
500,000 16p n/a - 05/04/2028
--------------- --------------- -------------- ----------------
* Provided the options vest in accordance with the Performance
Criteria
Following this award, Mr Edwards holds, in aggregate, options
over 850,000 ordinary shares of the Company as follows:
No. of options Exercise price Trigger price Exercise period
for exercise
--------------- --------------- -------------- ----------------------
100,000 29p 80p 31/03/2018-30/03/2025
--------------- --------------- -------------- ----------------------
14/02/2020
400,000 13p 40p - 13/02/2027
--------------- --------------- -------------- ----------------------
06/04/2021*
350,000 16p n/a - 05/04/2028
--------------- --------------- -------------- ----------------------
* Provided the options vest in accordance with the Performance
Criteria
Following this award, Mr Shermer holds, in aggregate, options
over 950,000 ordinary shares of the Company as follows:
No. of options Exercise price Trigger price Date from which
for exercise exercisable
--------------- --------------- -------------- ----------------------
200,000 28p 80p 30/09/2018-30/03/2025
--------------- --------------- -------------- ----------------------
400,000 13p 40p 14/02/2020-13/02/2027
--------------- --------------- -------------- ----------------------
06/04/2021*
350,000 16p n/a - 05/04/2028
--------------- --------------- -------------- ----------------------
* Provided the options vest in accordance with the Performance
Criteria
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
LightwaveRF plc www.lightwaveRF.com
Andrew Pearson, CEO +44 (0) 121 250
Kevin Edwards, CFO 3625
Stockdale Securities Limited www.stockdalesecurities.com
Tom Griffiths/Edward Thomas +44 (0) 20 7601
6100
Yellow Jersey PR www.yellowjerseypr.com
Charles Goodwin/Abena Affum/Katie +44 (0) 7747 788
Bairsto 221
About LightwaveRF
LightwaveRF plc ("LightwaveRF" or the "Company") pioneered smart
home automation with the introduction of the market's first
Internet enabled devices in 2008. Today the Company markets a
complete smart home system for lighting, heating, power and
security.
LightwaveRF offers a cloud platform and an extensive range of
retrofitted LightwaveRF designed and manufactured sockets, dimmers,
relays, thermostats, heating, energy, sensing, monitoring and
control devices.
These devices are operated by conventional manual control,
handheld remote, smartphone and tablet based apps. The LightwaveRF
system can also be operated using Google Assistant and Amazon Alexa
voice control, is Apple HomeKit compatible and provides users with
dashboards to manage their smart home.
We are dedicated to making everyone's lives easier and more
fulfilled through world leading smart home technology.
For further information and to sign up for investor news alerts
please visit:
www.lightwaverf.com/corporate/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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